> overlooked how many of those old family owned businesses would be wiped out by one though Taleb’s point has consistently been that one must focus on the impa

> overlooked how many of those old family owned businesses would be wiped out by one though Taleb’s point has consistently been that one must focus on the impact rather than the event (the nonlinearity of that map is often the source of fat tails). It doesn’t matter if a lot of small family-owned businesses fail. In the short term (months-years) it will be painful, but can be weathered easily with some government support and start thriving on the 2-3 year time scale. Small entities are naturally nimble. The failure of numerous large and highly-leveraged businesses has a very different kind of impact because of the ripple effects that might cause serious systemic damage.